For instance, is it common to state to pay a flat fee of only up to $x amount in the event the seller does not cover the cost?

Once you have both the rehab cost and ARV figures, input them into the calculator.

Ir willl cost 1.5 to build it all.  

But with our market and projected rental rates compared to our mortgage (with 2.99%) we decided the purchase price for a new primary would be more costly down the road than another rental. 

A lot of Columbus developers are opening up shop in Dayton because of the lower competition and lower price entry.

Whatever it's going to cost me to get done correctly plus the time and inconvenience  - that's how much I'm subtracting out. 

It may cost a bit but it will avoid headaches and gray areas. 

Multifamily homes often require more maintenance, so factor in potential repair costs when evaluating a property.

Right now it has slowed a bit and your competition is low.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!